Elbert & Highway 86 Metropolitan District was created to construct, acquire, finance and maintain public improvements for the use and benefit of District residents and taxpayers. The improvements shall include street and safety controls, landscaping, water, sewer, storm drainage, television relay, and park and recreation improvements and facilities.
Elbert & Highway 86 Metropolitan District has an existing mill levy of 43.000 mills obligated to pay off Debt (see annual report) and 10.000 mills to fund operations and maintenance with the District; at this time there is not discussion on issuing any future mill levies. The Debt mill levy is set to stay in place until the obligated debt is paid off, current maturity date is set for December 1, 2046, and there are currently no anticipated increases or decreases.
At this time, there is no discussion on any additional Long Term Financial Obligations anticipated by the District. Here is a summary of the District’s current outstanding Long Term Financial Obligations:
Name of Debt: Series 2016
Initial Debt Issuance Amount: $5,370,000
Maturity Date: December 1, 2046
Interest Rate: 3.000-5.750%
The Elbert & Highway 86 Metropolitan District main function is to collect tax revenue to pay off the current Long Term Debt. At this time, the District is not anticipating providing any other primary functions.